This week is a tough week for many people – not just benefit pros – because the holiday celebrations are over and it’s back to reality. Unfortunately, that reality isn’t great when it comes to the U.S. job market. A new report found three out of four full-time employees and a little over half of part-time employees plan on jumping ship in 2022.
Que the picture of cute puppies and kittens frolicking in a field of flowers! (Sorry, just wanted to make you smile.)
But the news isn’t all bad.
While the No. 1 reason for 79% of those people jumping ship is pay – they believe they can get more money elsewhere – Benefit pros can play a significant role in retaining them.
The 2022 Trends United States Job Market Report by Joblist found 67% of people looking for new/better jobs said “benefits are more important to them now than before the pandemic.” And 54% said they would consider a lower-paying job if there was a better benefits package attached to it. So, your company’s benefits can have a big impact on attracting and retaining employees.
The report surveyed more than 20,000 U.S. job seekers from October through December 2021.
One thing your company can do to attract and retain employees is give pay raises – OK you can stop laughing now. But, if it’s possible, you may want to consider it.
However, if your company is like many out there and can’t afford pay raises, boosting benefits is the way to go!
Not to sound like a broken record, but remote work was and still is a necessity employees are extremely interested in. Sixty-one percent of job seekers reported they’re looking for remote jobs in 2022. And 45% of current remote workers said they’d quit if their employer brings them back to the office full time in 2022.
Some other benefits that score big points with job seekers are:
- Healthcare (67%), and
- Flexible work schedule (64%).
While benefits are mega-important, 80% of job seekers reported that their employers need to re-evaluate the benefits they offer post-pandemic. And 37% of full-time employees said they were “dissatisfied” or “very dissatisfied” with their company’s benefits.
But dissatisfaction doesn’t seem to include healthcare benefits. Because of the 62% of job seekers who get healthcare benefits through their employer, 60% reported being satisfied with their health plan. The No. 1 complaint of those who reported not being satisfied: the plan is too expensive. Other reasons for not being satisfied were inadequate coverage, out-of-network costs and lack of in-network options.
One thing with 2022 job seekers is that they have high expectations when it comes to the benefits – other than healthcare – they receive from their employer. This is going to be a vital thing to remember when it comes to attracting and retaining employees.
The best advice, survey your current employees for nonhealthcare benefits they want. You never know when a new idea may pop up that you’ll be able to add as a benefit with little cost, but big returns.